And going beyond the media world, what's the one key lesson other sectors face in disruption can learn in the music situation.
Well we’re not far from Westminster, and I think one sector that can take a lot from this book is parliament, is governments around the world. And you know we have a chapter dedicated to this in the book but it's simply to hammer home this point of what matters most to our lives, Often is what’s measured least.
You know, running on Highgate Hill last week I noticed smoke on London, sunny morning unusual to see that given we’re in Scotish weather conditions now. But you know sunny morning you know I could see smog rising above London. And I thought to myself would you want to measure the recovery by tracking pollution levels, guess what Simon, pollution is back to where it was back in January 2020.
We are officially back in business, what matters most is being measured least, could we measure something different. And there’s a lot of lessons in that book. And one particular on from Andy Haldane former chief economist for the Bank of England. Where he was asking why am I basing interest rate decisions on manufacturing surveys , surveys, surveys in 2021? Recall based surveys from some factory plant in Solihull. That’s literally the tools he’s got for affecting decisions that affect the cost of our mortgages, and many more variables that affect our lives. He said I would rather understand anxiety levels in the economy. Brexit’s not gone particularly well, we have a pandemic now, when this was 2018 when I met him. But you know what about understanding anxiety of people?
Nobody measures that, what matters most is being measured least. And I think that quantification bias of measuring what’s easy to capture and thinking that’s a be-all and end all and disregarding what you can measure as irrelevant, that’s got to stop.
The people who can stop that and pivot swing on to a new vine are going to succeed. Those who carry on basing interest rates on manufacturing orders is doomed to fail.
Yea I think measuring the right things and reporting in the right way is something that is very much on our minds at the moment for sure.